PUNE, India, May 24, 2023 /PRNewswire/ — According to a recent market study published by Growth Market Reports, titled, “Comparator Drug Sourcing Market by End-user (Drug Producers/Manufacturers, CMO, Academic, and Research Institute), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031“, the market size was USD 974 million in 2022 and is expected to reach USD 1327 million expanding at a CAGR of 3.5% by the end of 2031. The market growth is attributed to the increased spending of global pharmaceutical corporations on comparator sourcing to prove the effectiveness of new drugs during trial procedures.
Latest Developments:
In January 2023, Avantor, Inc (NYSE: AVTR) one of the leading companies in the market announced a multi-year supply and services agreement with Catalent, Inc. (NYSE: CTLT). Catalent is a major global firm that works on developing and supplying solutions that enable providing patients with better treatments worldwide. As per the agreement, Avantor is to be the primary provider of various laboratory supplies, production and clinical materials, and services to Catalent.
Key Market Players Profiled in the Report
- AmerisourceBergen Corporation
- Avantor, Inc.
- Clinical Services International (CSI)
- Clinigen Clinical Supplies Management
- Intertek Group plc
- MCKESSON CORPORATION
- Myonex
- PHARMA’S ALMANAC
- Sharp Services, LLC
- Thermo Fisher Scientific
- TransCelerate BioPharma Inc.
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the industry’s market dynamics. It provides an in-depth analysis of the market segments, including end-user and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
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Highlights on the Segments of the Comparator Drug Sourcing Market
On the basis of region, the global comparator drug sourcing market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is expected to dominate the market during the forecast period. The growth of the market in the region is owing to the availability of advanced technology and facilities for research and development and the increasing number of new drug trials. It is further likely to be supported by increasing spending of pharmaceutical firms on comparator drug sourcing to develop the most effective drugs for preventing chronic diseases.
Asia Pacific is anticipated to be a rapidly growing region in the global market due to rising healthcare needs. The major economies in the region such as China and India have the largest population. The regional population’s varying healthcare needs and the need to develop cost-effective drug solutions are expected to support the market growth in the region.
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Key Takeaways from the Study:
- Comparator drug sourcing refers to the procurement of existing drugs for comparing them with newly developed drugs during clinical trials. In the process, instead of comparing the new drug with placebo medications in the trial, its compatibility is actually tested against the similar available drugs in the market.
- The investment in comparator drugs sourcing is growing by pharmaceutical firms, as there is a need to justify new drugs effectivity and costs against the existing drugs.
- For a pharma company to claim its drug’s superiority in treating certain diseases, the trial requires the inclusion of an active comparator drug. The drug manufacturer is required to select comparator drugs against their new drug, and source and supply to every trial site in an uninterrupted manner.
- The increasing need to justify the effectiveness and price of newly developed drugs to the stakeholders such as insurance companies, government regulators, and pharmacies is driving the need for comparator drug sourcing across global pharmaceutical research and development establishments.
- The increasing prevalence of chronic disease diseases including cancer, cardiac, and neurological disorders is driving the development of new drugs, which is fueling the market of comparator drug sourcing, for comparative analysis.
- The development of drugs against bacterial infection is likely to create opportunities for the market. The COVID-19 pandemic propelled the need for developing effective drugs against various bacterial infections, which has opened opportunities to develop superior drugs.
- Based on the end-user segment, the market is categorized into drug producers/manufacturers, CMO, academic, and research institutes. Of which, the drug producers/manufacturers segment held a significant share of the market in 2022, and is likely to expand at a rapid CAGR during the forecast period.
Read 164 Pages Research Report with Detailed TOC on “Comparator Drug Sourcing Market by End-user (Drug Producers/Manufacturers, CMO, Academic, and Research Institute), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031″
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Key Segments Covered
End-user
- Drug Producers/Manufacturers
- CMO
- Academic and Research Institute
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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